HEFCE funding letter for 2014/15 issued by BIS
The Department for Business, Innovation and Skills (BIS) has issued its 2014/15 funding letter to HEFCE.
The settlement will mean reductions in HEFCE funding for higher education institutions in 2014-15, and again in 2015-16, beyond those accounted for by the switch to publicly funded tuition fees. The Government has asked HEFCE to deliver the reductions in ways which protect as far as possible
- high-cost subjects (including STEM)
- widening participation (which is funded via the HEFCE Student Opportunity allocation)
- small and specialist institutions.
The grant letter confirms the Governments provision of a maximum of 30,000 additional student places in academic year 2014-15 for HEFCE-funded institutions. The student number control will be removed entirely from 2015-16, and the Government has asked HEFCE to ensure that higher education institutions maintain the quality of the student experience in these circumstances.
Tim Melville-Ross, Chair of HEFCE's Board, said: "At a time of considerable pressure on public finances, the funding settlement for 2014-15 and the indicative allocation for 2015-16 incorporate significant reductions. Nevertheless, the Government continues to recognise the key contribution that higher education makes to the economy and society. We will work to implement the settlement in as fair and sensible a way as possible."
HEFCE plans to publish institutional funding allocations on 27 March 2014.Posted in: Higher education news